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Home Price Watch: Condo Heavy in Penn Quarter

by Shilpi Paul

Home Price Watch: Condo Heavy in Penn Quarter: Figure 1
701 Pennsylvania Avenue NW

UrbanTurf has been analyzing the home price data of a number of zip codes around the region over the past few months. A full rundown of those that we have covered is listed below.

This week, we examine 20004, the small, downtown zip code that encompasses much of Penn Quarter. It is roughly bounded by 6th Street NW on the east, G Street NW on the north, 15th Street NW on the west and the National Mall on the south.

Home Price Watch: Condo Heavy in Penn Quarter: Figure 2

The area’s limited residential real estate activity exists almost solely in the realm of condos and co-ops. The number of townhouses and detached homes that have sold in the past decade could probably be counted on two hands.

The condo and co-op market has been a little uneven over the last decade. While the number of units sold more than doubled between 2002 and 2012, from 22 to 51, and the median sales price has increased significantly, sales and prices this year are lower when compared to the market five years ago. By December 2007, 14 more units had sold than thus far in 2012 and when accounting for inflation, the median sales price was $30,000 higher.

Home Price Watch: Condo Heavy in Penn Quarter: Figure 3

This article is based on data provided by RealEstate Business Intelligence (RBI), a primary source of real estate data, analytics and business intelligence for real estate professionals with business interests in the Mid-Atlantic region.

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This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_a_growing_number_of_condos_in_penn_quarter/6426

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